There has been a noticeable drop of foreclosure numbers locally in Illinois and across America. But the experts are warning that this is only temporary caused by the lull following the robo-signing scandal. Once the investigations are over there will be a sharp increase in numbers. Already there are signs of the tide turning.

Multiple Listing Services’ data has indicated that the market is in a flux in Grand Strand. Sale of residences has dropped while that of condo has increased. Foreclosures are flooding the market. Short sale has become popular. In some places prices are stabilizing.

To convince a mortgage lender to approve a short sale, the seller will normally need to have a contract for the sale before approaching them. Be prepared to defend the price compared to the sale of comparable homes in the neighborhood. Also, be prepared to explain to the bank why the seller should be allowed to sell the home and not pay off the balance of the home mortgage. This will normally require complete documentation of income and other assets that are detailed information about the seller’s financial condition.

The process of buying a short sale involves the following steps:

* Find a house to buy, negotiate and sign a contract – http://www.foreclosurelistings.com/list/FL/MIAMI-DADE/SHORT-SALE/ has a variety of short sales available in Miami-Dade County, Florida.

* Let the seller and their lenders determine if they will accept the transaction – this takes 3 or more months.

* In the meantime, get your financing lined up so that when the approval comes through, you are ready.

* After the deal is approved, go to closing like any other regular purchase.

The real difference between a short sale and a normal one is the wait time while the transaction is being approved and, of course, the potential that the bank will not approve the contract.

Short sales have been around for a long time, but have become much more common as a result of the current troubles in the real estate market. Short sales occur when the total mortgage balance on a house is greater than the market value of the house. Because the prices of homes have declined sharply over the last six years, mortgages taken out at or near the top of the market or situations where the homeowner re-financed their home in that time period and took out a significant amount of cash are potential short sales. Like foreclosures, California, Nevada, Arizona and Florida have seen a large number of short sales – they are, however, available all over the country. 

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